Law Firm Leaderships’ Biggest Challenge: Equality of Outcome

Aggressive Poaching In the Market Is Forcing Leadership to Contend With the Delicate Balance of Equality, Culture and Compensation In their Firms

Many leaders are no longer focused just on business development but are also trying to figure out how to continue making money and structure their firms in a way that allows them to spend the requisite money to pay top talent.

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Law firm leadership has plenty to keep them up at night: technology gobbling up the bottom of the leverage pyramid, flat market demand, tectonic cultural shifts, ever-expanding skill set demands and more. Traditionally, I’ve found that developing new business and generating client loyalty is top-of-mind in strategy sessions, but more and more I am hearing that there is a new specter that looms largest for many and in particular the “elites”: the gain/loss of major rainmakers. See Figure 1, below.

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The billable hour is still profitable from a transactional perspective, but from a strategic perspective, in today’s economy, that profitability has begun to erode. That’s because our economy has fundamentally transformed into a service economy that is based on leverage and scale.

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